Do I really need a Will?

75+ Years Serving Clarksville

Do I really need a Will?

Posted By
Patton & Pittman

This post, written by attorney Chris Pittman, originally appeared as an
article in "Clarksville Family" Magazine in 2008.

Do I Really Need a Will?

That is a question I hear often, and my answer is usually the same. Yes,
you do. If you are married and especially if you have children the answer
is absolutely yes. There is a psychological block that keeps people from
preparing for death the way they prepare for other unexpected events.
I am guilty of it myself. I am a lawyer, but I was married and my first
child was a year old before I finally broke down and prepared my own will
thanks to the persistent hounding of my child’s pediatrician, who
ended every well visit I attended with, “Well, have you gotten a
will yet?”

A will is a document that directs how you want the assets you own distributed
when you die. It also provides guidance on what will happen to your children
if you die before they are adults. I tell my clients that a will is not
for them, but for the people they will leave behind when they die. Notice
that I said when and not if they die. Making appropriate estate planning
decisions is not an acknowledgement that you are over the hill, it is
a sign that you are an adult taking responsibility for those you love.
I know what you are thinking: “I am too young to need a will, that
is for people far older than me.” Not true. In several ways, it
is even more important to have a will when you are a young couple with
young children. Below are some of the questions to consider when deciding
if you need a will:

Do you have children? If you do and you or you and your spouse die in
an automobile accident, who will take care of your children? A will can
indicate the person you desire to take care of your children if you die.
Additionally, if you and your spouse pass away, your assets will be held
in trust for your children until they become adults. You can designate
in your will the person who will be the “Trustee” of those
assets for your children, and you can even designate at what age the children
will receive the assets.

Do you own specific items that you wish to pass on to a specific person
when you die? If you really want your cousin Mary to have your grandmother’s
wedding ring when you die, you can either tell everyone in the family,
or that can specifically be addressed in your will.

Do you have an hour to devote to getting your estate in order? Meeting
with an attorney and having the attorney prepare your will and other estate
documents (we will discuss those later) may take as little time as one
hour. While some estate’s are more complicated and may take far
more time because of changes in the law on estate taxation, fewer and
fewer people need complex estate planning.

Can you afford it? Yes. While some estates that are more complicated can
cost several thousand dollars to prepare, a majority of people can obtain
a will, healthcare power of attorney and living will for approximately
$500.00. Living wills and healthcare powers of attorney are discussed below.

Are there other documents you need in addition to a will? While everyone’s
needs may be different and any estate planning decision needs to be made
by you and a competent attorney, generally there are two additional documents
most people need. In addition to a will, you need a living will. A living
will is a document directing healthcare professionals about your wishes
if you are in a persistent vegetative state with no hope of recovery.
It indicates that you do not wish for your life to be artificially prolonged
if you are in a persistent vegetative state with no hope of recovery.
Additionally, it lets you tell the doctor whether or not, under that circumstance,
you want artificially provided food, water or other nourishment or fluids
provided to you.

An additional document generally recommended is a healthcare power of
attorney. A healthcare power of attorney allows you to appoint someone
to make medical decisions for you if you are not able to make the decisions
for yourself. You may appoint your spouse or any other individual to make
these decisions for you.

The information in this article is general in nature. It is very important
that you speak to a competent attorney to discuss your specific estate
planning needs as everyone’s situation is different.

Hopefully, this information has convinced you that you too need to take
care of the ones you love through estate planning. If not, I will send
my children’s pediatrician to see you.